10185 99th St SE

Ludden, ND 58474

$169,853D

5 bd · 3.0 ba · 2,916 sqft · Built 1952 · SingleFamily · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,359/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $64/mo
• Annual: $773/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• 1% rule: 0.80%
• Cash to close: $47,559

Investor read

• This is a 5-bed/3.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $64 ($773/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (20.0% below list).
• It's been on market 146 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (20.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#256 in ND) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Oakes 41 (rural): math 48% / reading 50% proficiency, ranked #13 of 53 in ND (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Oakes Elementary School (math 52% / reading 47%, grade D, #65 of 236 statewide, top 37%, 257 students, 20% FRL); Oakes High School (math 42% / reading 52%, grade D-, #30 of 144 statewide, top 22%, 234 students, 15% FRL) — zoned schools at 17% FRL track the district average.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 3 units permitted in Dickey County in 2024 (0 in 5+ unit buildings).
• Current owner paid $25k; list at $170k implies a 579% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.